Timberland managed to post record revenues in Q3, up 5.6 percent to $396.2 million, but saw its net profit collapse under the weight of higher leather costs, increased promotional costs, and what CEO Jeffrey Swartz referred to as "higher sales returns and allowances in a softer and more promotional U.S. market." Swartz's outlook for Q4 in the face of "soft U.S. market trends" is for modest to flat revenue growth. Looking into 2002, Swartz predicted flat growth for the first half of 2002 as well.
Outdoor financials: Timberland Q3 profit drops 53 percent, plus Jarden, LaCrosse, Under Armour, Crocs, Cabela's, Liz Claiborne, Wellman, Exel, Big 5, Kellwood, Liberty Media
Timberland Q3 profit drops 53 percent Third-quarter profit for Timberland (NYSE: TBL), parent of the SmartWool, GoLite Footwear, Mion and Timberland brands, dropped 53 percent due to costs for closing stores and a drop in revenue in the company's footwear division. For the ...read more